Gold Prices Plummet as Inflation Concerns Drive Interest Rate Hike Expectations

Gold prices took a hit on September 28th as investors grew concerned about inflation and potential interest rate hikes in the US. The Federal Reserve's decision to raise rates earlier this month has sparked expectations of another increase.

Spot gold fell by 1.5 percent, dropping to $4,223.95 per ounce. US gold futures also declined by 1.5 percent, reaching $4,257.90 per ounce.

The decline in gold prices was accompanied by a drop in other precious metals: silver plummeted 2.6 percent to $62.64 per ounce, platinum fell 2.1 percent to $1,741.45, and palladium dropped 2.1 percent to $1,239.95.

The rise in oil prices has intensified concerns over inflation, which is thought to be a major factor behind the expected interest rate hike by the Federal Reserve.